香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 的 內 容 概 不 負 責，對 其 準 確 性 或 完 備 性 亦 無 發 表 聲 明，並 表 明 不 會 就 本 公 佈 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Xtep International Holdings Limited 特步國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1368） 二 零 二 五 年 度 中 期 業 績 公 佈 業 績 摘 要 特 步 國 際 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（合 稱「本 集 團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績。本 公 佈 列 載 本 公 司 二 零 二 五 年 度 中 期 報 告 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上 市 規 則」）中 有 關 ...

股票代號 : 2386 技術先導型 工程公司 創建世界領先 2025 半年度報告 2025 半年度報告中石化煉化工程（集團）股份有限公司 中石化煉化工程（集團）股份有限公司 2025 半年度報告 01 重要提示 中石化煉化工程（集團）股份有限公司（「中石化煉化工程」或「本公司」）董事會（「董事會」） 及其董事（「董事」）保證本半年度報告所載資料不存在任何虛假記載、誤導性陳述或重大 遺漏，並對其內容的真實性、準確性和完整性負個別及連帶責任。董事趙勁松先生因公務 未能出席第五屆董事會第七次會議（「會議」），其授權委託董事葉政先生代為出席會議併表 決。董事長蔣德軍先生、執行董事兼總經理張新明先生、財務總監兼董事會秘書尹鳳兵先 生和會計機構負責人王力輝女士保證本半年度報告中的財務報告真實、準確、完整。 中石化煉化工程及其附屬公司（「本集團」）按國際財務報告準則編製的截至2025年6月30日 止六個月（「本報告期」）的中期財務報告已經香港立信德豪會計師事務所有限公司進行審計 並出具標準無保留意見的審計報告。 本半年度報告包括前瞻性陳述。除歷史事實陳述外，所有本公司預計或期待未來可能或即將發生的業務活動、事件或發展動態的 ...

[Interim Results Highlights](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) This section provides a concise overview of the Group's financial and operational performance for the interim period [Financial Highlights](index=1&type=section&id=%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, the Group's continuing operations saw revenue grow 81.9% to $518.8 million and adjusted net profit surge 509.6% to $178.0 million, with overall net loss significantly narrowing despite a $193.7 million loss from associate Legend Biotech Key Financial Indicators for H1 2025 (Continuing Operations) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $518.8 million | $285.2 million | +81.9% | | Gross Profit | $320.6 million | $133.5 million | +140.1% | | Adjusted Net Profit | $178.0 million | $29.2 million | +509.6% | | Net Loss (Group Overall) | ($24.5 million) | ($215.6 million) | Loss narrowed by 88.6% | - The Group's net loss for the period was significantly impacted by a **$193.7 million** loss from its share of associate Legend Biotech; however, Legend Biotech itself achieved positive adjusted net profit in Q2 2025[3](index=3&type=chunk) - As of June 30, 2025, the Group held approximately **$966.6 million** in cash, bank balances, and wealth management financial products, indicating a robust financial position[3](index=3&type=chunk) [Financial Statements](index=3&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the Group's interim condensed consolidated financial statements, including profit or loss, comprehensive income, financial position, and cash flows [Interim Condensed Consolidated Statement of Profit or Loss](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E5%90%88%E5%B9%B6%E6%8D%9F%E7%9B%8A%E8%A1%A8) During the reporting period, revenue from the company's continuing operations significantly increased to $518.8 million, with gross profit rising to $320.6 million; however, a substantial $193.7 million share of loss from a key associate (Legend Biotech) resulted in a pre-tax loss of $0.119 million and a loss from continuing operations of $24.5 million, a significant reduction from $137.7 million in the prior period Key Profit or Loss Statement Data (Continuing Operations) | Item | H1 2025 (USD '000) | H1 2024 (USD '000) | | :--- | :--- | :--- | | Revenue | 518,773 | 285,160 | | Gross Profit | 320,631 | 133,505 | | Research and Development Expenses | (31,321) | (24,909) | | Share of Loss of a Key Associate | (193,698) | - | | Loss Before Tax | (119) | (127,927) | | Loss from Continuing Operations for the Period | (24,547) | (137,739) | - Basic loss per share attributable to ordinary equity holders of the parent company narrowed from **8.27 US cents** in the prior period to **1.18 US cents**[9](index=9&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E5%90%88%E5%B9%B6%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Despite a net loss of $24.5 million for the period, total comprehensive income turned positive at $67.7 million, driven by other comprehensive income from a key associate ($87.4 million) and exchange gains, marking a significant improvement from a total comprehensive loss of $278.7 million in the prior period Total Comprehensive Income / (Loss) | Item | H1 2025 (USD '000) | H1 2024 (USD '000) | | :--- | :--- | :--- | | Loss for the Period | (24,547) | (215,631) | | Other Comprehensive Income from Continuing Operations | 92,234 | (4,526) | | **Total Comprehensive Income / (Loss) for the Period** | **67,687** | **(278,685)** | [Interim Condensed Consolidated Statement of Financial Position](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets were $5.435 billion, total liabilities were $1.013 billion, and net assets were $4.421 billion, with core assets including an investment in associate Legend Biotech valued at approximately $3.578 billion, and current assets significantly increasing to $1.177 billion due to higher financial product investments and cash Key Balance Sheet Items | Item | June 30, 2025 (USD '000) | Dec 31, 2024 (USD '000) | | :--- | :--- | :--- | | **Non-current Assets** | **4,257,800** | **4,443,291** | | Of which: Investment in an associate | 3,578,174 | 3,667,731 | | **Current Assets** | **1,176,806** | **834,978** | | Of which: Cash and cash equivalents | 293,206 | 131,990 | | **Current Liabilities** | **600,529** | **307,342** | | **Non-current Liabilities** | **412,765** | **647,565** | | **Net Assets** | **4,421,312** | **4,323,362** | [Interim Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) During the reporting period, net cash flow from operating activities significantly increased to $232.6 million, with net cash outflow from investing activities at $98.6 million and net cash inflow from financing activities at $26.4 million, resulting in an increase of $160.4 million in cash and cash equivalents to $293.2 million at period-end Cash Flow Statement Summary | Item | H1 2025 (USD '000) | H1 2024 (USD '000) | | :--- | :--- | :--- | | Net cash generated from operating activities | 232,619 | 79,855 | | Net cash used in investing activities | (98,645) | (1,133,054) | | Net cash generated from financing activities | 26,403 | 5,565 | | **Net increase / (decrease) in cash and cash equivalents** | **160,377** | **(1,047,634)** | [Management Discussion and Analysis](index=25&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth review of the Group's business operations, financial performance, risk management strategies, and future strategic plans [Company Positioning and Business Review](index=25&type=section&id=%E5%85%AC%E5%8F%B8%E5%AE%9A%E4%BD%8D%E4%B8%8E%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) The company is a global biotechnology firm with three core business platforms: Life Science Services and Products (GenScript), Biologics CDMO (Probio), and Industrial Synthetic Products (Bestzyme), alongside a significant investment in cell therapy leader Legend Biotech; during the period, total Group revenue grew 81.9% to $518.8 million, and gross profit increased 140.1% to $320.6 million, primarily driven by licensing revenue from the Biologics Development Services segment - The company's business platforms include: - **GenScript:** Providing one-stop life science research services and products[41](index=41&type=chunk) - **Probio:** Biologics CDMO platform[42](index=42&type=chunk) - **Bestzyme:** Industrial synthetic products platform[43](index=43&type=chunk) - **Legend:** A key associate focused on cell therapy development[43](index=43&type=chunk) External Revenue Contribution by Business Segment (H1 2025) | Business Segment | Revenue Contribution | | :--- | :--- | | Life Science Services and Products | 47.2% | | Biologics Development Services | 47.0% | | Industrial Synthetic Bioproducts | 5.5% | [Life Science Services and Products](index=28&type=section&id=%E7%94%9F%E5%91%BD%E7%A7%91%E5%AD%A6%E6%9C%8D%E5%8A%A1%E5%8F%8A%E4%BA%A7%E5%93%81) This segment's revenue grew steadily by 11.3% to $247.6 million, with adjusted gross profit increasing by 5.3% to $126.3 million, driven by platform innovation, improved production efficiency, and enhanced customer engagement; adjusted operating profit slightly decreased due to increased investments in marketing transformation and R&D Life Science Segment Performance | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $247.6 million | $222.4 million | +11.3% | | Adjusted Gross Profit | $126.3 million | $119.9 million | +5.3% | | Adjusted Operating Profit | $46.4 million | $47.8 million | -2.9% | [Biologics Development Services](index=28&type=section&id=%E7%94%9F%E7%89%A9%E5%88%B6%E5%89%82%E5%BC%80%E5%8F%91%E6%9C%8D%E5%8A%A1) This segment demonstrated exceptional performance, with revenue surging 511.1% year-on-year to $246.9 million, primarily due to sub-licensing revenue from RemeGen; adjusted gross margin significantly improved from 14.7% to 73.6%, and adjusted operating profit turned profitable at $149.6 million, with core services and product sales also achieving double-digit growth excluding licensing revenue Biologics Segment Performance | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $246.9 million | $40.4 million | +511.1% | | Adjusted Gross Profit | $181.6 million | $5.9 million | +2978% | | Adjusted Operating Profit | $149.6 million | ($18.9 million) | Turned profitable | [Industrial Synthetic Bioproducts](index=28&type=section&id=%E5%B7%A5%E4%B8%9A%E5%90%88%E6%88%90%E7%94%9F%E7%89%A9%E4%BA%A7%E5%93%81) This segment's revenue grew 8.4% to $28.3 million, primarily driven by expanded operations in China and overseas market penetration; however, adjusted operating profit turned to a loss of $0.6 million due to increased R&D expenses, which the company views as a necessary investment for future technological innovation Industrial Synthetic Bioproducts Segment Performance | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $28.3 million | $26.1 million | +8.4% | | Adjusted Gross Profit | $11.4 million | $11.0 million | +3.6% | | Adjusted Operating Profit | ($0.6 million) | $2.3 million | Turned from profit to loss | [Financial Review](index=29&type=section&id=%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%BE) During the reporting period, the Group demonstrated strong financial performance with total revenue growing 81.9%, primarily driven by licensing revenue from Biologics Development Services, and gross profit increasing 140.1%; operating expenses rose across the board, reflecting continued investments in marketing, administration, and R&D, while net loss significantly narrowed to $24.5 million and adjusted net profit increased to $178.0 million, maintaining a robust financial position with a current ratio of 2.0 and a debt-to-asset ratio of 18.6% - Sales and distribution expenses, administrative expenses, and R&D expenses increased by **10.2%**, **19.7%**, and **25.7%** year-on-year, respectively, primarily due to team expansion, infrastructure development, and strategic research project investments[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) - The Group recognized an approximate **$13.8 million** fair value loss on preferred shares during the reporting period[56](index=56&type=chunk) Key Financial Ratios | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 2.0 | 2.7 | | Debt-to-Asset Ratio | 18.6% | 18.1% | | Total Cash and Financial Products | $966.6 million | $737.8 million | [Significant Investments Held](index=33&type=section&id=%E6%8C%81%E6%9C%89%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B5%84) The Group's most significant investment is its equity stake in associate Legend Biotech, with a book value of approximately $3.6 billion at period-end, representing 65.6% of total Group assets; additionally, the Group holds $566 million in various financial assets, primarily bank-issued wealth management products and money market funds, as part of its cash management strategy - The investment in associate Legend Biotech had a book value of **$3.6 billion**, with the Group's share of its loss for the reporting period being approximately **$193.7 million**[68](index=68&type=chunk) - The Group holds **$541 million** in liquid wealth management financial products and **$25.16 million** in non-current unlisted equity investments to enhance the utilization of its cash reserves[69](index=69&type=chunk)[70](index=70&type=chunk) [Risk Management](index=40&type=section&id=%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group faces key risks including foreign exchange risk, interest rate risk, credit risk, and geopolitical risks; to manage foreign exchange risk, the Group uses derivative instruments for hedging, and to mitigate geopolitical risks, it promotes a global production footprint and supply chain diversification, having also established a Data Security and Geopolitical Resilience Subcommittee to enhance risk oversight - The Group manages currency risk, primarily related to RMB, through foreign exchange forward and option contracts[87](index=87&type=chunk) - To address risks from US-China trade tensions, tariffs, and import/export controls, the Group is continuously expanding its global service capabilities and diversifying its supply chain partners[91](index=91&type=chunk)[92](index=92&type=chunk) - The Board has established a Data Security and Geopolitical Resilience Subcommittee to support its review of the company's effectiveness in managing geopolitical risks[93](index=93&type=chunk) [Future Outlook and Plans](index=39&type=section&id=%E6%9C%AA%E6%9D%A5%E5%B1%95%E6%9C%9B%E4%B8%8E%E8%AE%A1%E5%88%92) The Group plans to continue consolidating its leadership across all business segments; the Life Science business will expand its global production footprint and upgrade its brand, Biologics Development Services (Probio) will enhance its CGT capabilities, especially in the US market, and leverage its antibody discovery platform for out-licensing, Industrial Synthetic Bioproducts (Bestzyme) will optimize production facilities and develop new products, and the Group will maintain its long-term investment in Legend Biotech - **Life Science:** Plans to expand production capacity in the US, Singapore, and mainland China to support CGT key reagent manufacturing and advance global brand upgrading[83](index=83&type=chunk)[96](index=96&type=chunk) - **Biologics Development Services:** Enhancing CGT service portfolio (GMP plasmids, AAV, LVV), deepening penetration in the US market, and leveraging its proprietary antibody discovery platforms (e.g., CD3 VHH) for asset out-licensing[84](index=84&type=chunk)[96](index=96&type=chunk) - **Industrial Synthetic Bioproducts:** Optimizing production facilities in China, expanding synthetic biology laboratories, and enhancing R&D capabilities[84](index=84&type=chunk)[96](index=96&type=chunk) [Other Information](index=43&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers additional details regarding the Group's human resources, share-related matters, and corporate governance practices [Employees and Remuneration Policy](index=43&type=section&id=%E9%9B%87%E5%91%98%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 5,769 employees; total employee remuneration expenses (excluding equity incentives) for the reporting period were approximately $143 million, with the company's remuneration policy aiming to attract and retain talent through competitive compensation to support long-term development - As of the period-end, the Group had **5,769 employees**, with approximately **9.5%** being R&D personnel[99](index=99&type=chunk) - Total employee remuneration expenses (excluding equity incentives) for the reporting period were approximately **$143 million**, representing **45.4%** of total revenue (excluding licensing revenue)[99](index=99&type=chunk) [Dividends and Shares](index=15&type=section&id=%E8%82%A1%E6%81%AF%E4%B8%8E%E8%82%A1%E4%BB%BD) The Board resolved not to declare any interim dividend for the reporting period; regarding share schemes, certain shares were granted under the Restricted Share Award Scheme during the period, but no options were granted under the Share Option Scheme, and neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities during the period - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025[26](index=26&type=chunk)[107](index=107&type=chunk) - During the reporting period, the company granted a total of over **7 million** restricted shares under the 2019 and 2021 Restricted Share Award Schemes[103](index=103&type=chunk) - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[108](index=108&type=chunk) [Corporate Governance](index=45&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB) The company is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code under the Hong Kong Listing Rules; during the reporting period, the company consistently complied with all applicable code provisions, and an Audit Committee, comprising three independent non-executive directors, has been established and reviewed the interim results for the current period - The company consistently complied with all applicable provisions of the Corporate Governance Code during the reporting period[109](index=109&type=chunk) - The company has established an Audit Committee, composed of three members, responsible for reviewing and overseeing the company's financial reporting, risk management, and internal control systems[112](index=112&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025[113](index=113&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 中 石 化 煉 化 工 程（ 集 團 ）股 份 有 限 公 司 SINOPEC Engineering (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2386） 2025年半年度業績公告 中石化煉化工程（集團）股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此 宣佈本公司及其附屬公司截至2025年6月30日止六個月之經審計業績。本業績公告列 載本公司2025年半年度報告全文，並符合香港聯合交易所有限公司證券上市規則中 有關中期業績初步公告附載資料之要求。本公司2025年半年度報告全文同時刊載於 香港聯合交易所有限公司網站(www.hkexnews.hk)及本公司網站(www.segroup.cn)。 發佈業績公告 本業績公告的中英文版本可在本公司網站( www.segroup.cn)及香港聯合交易所有限公 司網站( www.hkexnews.h ...

[FINANCIAL HIGHLIGHTS](index=1&type=section&id=FINANCIAL%20HIGHLIGHTS) This section provides a concise overview of the company's key financial performance indicators for the first half of 2025 Key Financial Indicators for the Six Months Ended June 30, 2025 | Indicator | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. RMB 59,695,000 | Approx. RMB 56,141,000 | Up approx. 6% | | Gross Profit | Approx. RMB 7,454,000 | Approx. RMB 6,737,000 | Up approx. 6% | | Profit (Loss) for the Period | Approx. RMB 460,000 | Approx. RMB (260,872,000) | Turned loss into profit | | Basic and Diluted Earnings (Loss) Per Share | RMB 0.02 cents | RMB (86.51) cents | Turned loss into profit | [CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=2&type=section&id=CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) [CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME](index=2&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) The company turned loss into profit in the first half of 2025, recording a profit of RMB 0.46 million, compared to a loss of RMB 261 million in the same period last year, primarily due to significant impairment losses on biological assets, inventories, property, plant and equipment, and trade receivables in the prior period, which did not recur in the current period, alongside an approximate 6% year-on-year increase in revenue Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Revenue** | **59,695** | **56,141** | | Cost of Sales | (52,241) | (49,404) | | **Gross Profit** | **7,454** | **6,737** | | Other income, gains and losses | 113 | (91,362) | | Selling and distribution expenses | (2,059) | (2,686) | | Administrative and other operating expenses | (4,448) | (8,810) | | Impairment losses | 92 (net reversal) | (160,585) | | **Profit (Loss) before tax** | **642** | **(260,928)** | | Income tax expense | (182) | (16) | | **Total Profit (Loss) for the period** | **460** | **(260,944)** | | Profit (Loss) attributable to owners of the Company | 62 | (260,872) | | **Basic Earnings (Loss) Per Share** | **0.02 RMB cents** | **(86.51) RMB cents** | [CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of June 30, 2025, the company's financial position remained stable, with total assets of RMB 218 million and net assets of RMB 158 million, both showing a slight increase from the end of 2024, notably, bank and cash balances significantly increased from RMB 0.755 million to RMB 38.06 million, indicating a substantial improvement in liquidity Summary of Condensed Consolidated Statement of Financial Position | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current assets** | **28,241** | **28,668** | | **Current assets** | **190,107** | **188,766** | | Of which: Inventories | 60,205 | 48,700 | | Of which: Trade receivables | 71,016 | 76,680 | | Of which: Bank and cash balances | 38,060 | 755 | | **Current liabilities** | **60,456** | **60,109** | | **Non-current liabilities** | **107** | **–** | | **Net assets** | **157,785** | **157,325** | | **Total equity** | **157,785** | **157,325** | [Notes to the Financial Statements](index=4&type=section&id=Notes%20to%20the%20Financial%20Statements) [Revenue and Segment Information](index=4&type=section&id=Revenue%20and%20Segment%20Information) The Group's core business is the manufacturing and sale of wine products in China, representing its sole operating segment, with sweet wine sales revenue doubling year-on-year, while dry wine sales, the primary revenue driver, slightly decreased, and brandy and other product revenues remained relatively stable - The Group is primarily engaged in the manufacturing and sale of wine products in China, which constitutes its sole reportable operating segment, with all revenue, assets, and liabilities primarily attributable to the China region[18](index=18&type=chunk)[19](index=19&type=chunk) Revenue Analysis by Major Product Category (For the six months ended June 30) | Product Category | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Sweet Wine | 5,160 | 2,549 | Up 102.4% | | Dry Wine | 43,398 | 44,850 | Down 3.2% | | Brandy | 4,818 | 5,078 | Down 5.1% | | Others | 6,319 | 3,664 | Up 72.5% | | **Total** | **59,695** | **56,141** | **Up 6.3%** | [Dividends](index=8&type=section&id=Dividends) The Board did not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the policy for the same period last year - No dividends were paid or proposed by the company for the six months ended June 30, 2025 and 2024[31](index=31&type=chunk)[33](index=33&type=chunk) [Earnings (Loss) Per Share](index=8&type=section&id=Earnings%20%28Loss%29%20Per%20Share) In the first half of 2025, the company's basic and diluted earnings per share were both RMB 0.02 cents, marking a significant performance turnaround compared to a loss per share of RMB 86.51 cents in the same period of 2024 Earnings (Loss) Per Share Calculation | Item | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Profit (Loss) used for calculation (RMB thousands) | 62 | (260,872) | | Weighted average number of ordinary shares (thousands of shares) | 301,562 | 301,562 | | **Basic and Diluted Earnings (Loss) Per Share (RMB cents)** | **0.02** | **(86.51)** | [Trade Receivables and Payables](index=9&type=section&id=Trade%20Receivables%20and%20Payables) As of June 30, 2025, trade receivables amounted to RMB 71.02 million, a slight decrease from the beginning of the period, with 93% of accounts aged within 90 days, indicating a healthy status, while trade payables increased slightly to RMB 16.27 million Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 90 days | 65,959 | 68,837 | | 91 to 180 days | 751 | 4,237 | | 181 to 365 days | 821 | 117 | | Over 365 days | 3,485 | 3,489 | | **Total** | **71,016** | **76,680** | Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 90 days | 7,562 | 7,973 | | 91 to 180 days | 1,337 | 4,385 | | 181 to 365 days | 2,359 | 2,627 | | Over 365 days | 5,010 | 312 | | **Total** | **16,268** | **15,297** | [MANAGEMENT DISCUSSION AND ANALYSIS](index=11&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) [Loss of Control of Certain Subsidiaries](index=11&type=section&id=Loss%20of%20Control%20of%20Certain%20Subsidiaries) The company continues to face a loss of control over its key subsidiaries in Tonghua, held by former executive directors, consequently, the financial positions of these subsidiaries were not consolidated into the Group's financial statements for the reporting period, and the Board is developing measures to mitigate losses - The company's key subsidiaries in Tonghua, China, remain in a state of lost control, and therefore their financial positions have not been consolidated into the financial statements for this interim period[44](index=44&type=chunk)[47](index=47&type=chunk) [Industry Overview](index=11&type=section&id=Industry%20Overview) In the first half of 2025, China's overall consumer market experienced a moderate recovery, yet the wine industry faced severe challenges with domestic production significantly declining by 26.7% year-on-year, while the imported wine market showed a trend of "decreasing volume but increasing value," indicating a shift towards higher quality and premium products - China's economy continued to recover, with total retail sales of consumer goods increasing by **5.0%** year-on-year in the first half of 2025, and tobacco and alcohol sales growing by **5.5%**[45](index=45&type=chunk)[48](index=48&type=chunk) - The domestic wine industry faced difficulties, with wine production by enterprises above designated size significantly decreasing by **26.7%** year-on-year, and market recovery yet to materialize[45](index=45&type=chunk)[48](index=48&type=chunk) - The imported wine market showed a "decreasing volume, increasing value" phenomenon: import volume decreased by **12.67%** year-on-year, but total import value increased by **1.45%**, indicating a premiumization trend in consumption[46](index=46&type=chunk)[49](index=49&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) Against the backdrop of an industry downturn, the Group recorded total revenue of RMB 59.7 million in the first half of 2025, an increase of approximately 6% year-on-year, successfully turning a loss into a profit of RMB 0.46 million, primarily due to a substantial impairment charge of RMB 251 million on assets of the Tonghua subsidiaries, which were no longer under control, in the prior period, with no such impact in the current period - In the first half of 2025, the Group's total revenue was **RMB 59,695,000**, representing an approximate **6%** year-on-year increase, with sweet wine and dry wine sales accounting for **81%** of total revenue[52](index=52&type=chunk)[55](index=55&type=chunk) - The Group recorded a total profit and comprehensive income of **RMB 460,000**, compared to a total loss of **RMB 260,944,000** in the same period last year, with the performance turnaround primarily attributed to an impairment charge of **RMB 250,956,000** on the assets of the Tonghua subsidiaries in the prior period due to the inability to obtain their financial information[54](index=54&type=chunk)[55](index=55&type=chunk) [Operation Review](index=13&type=section&id=Operation%20Review) Facing challenges, the Group accelerated the development of its mid-to-high-end product lines and expanded health-oriented products, with production at the Shandong base increasing by 37.35% year-on-year, while the East China market contributed 78% of revenue as the core market, and online sales showed strong performance, accounting for 60% and becoming the primary sales channel - The Group's production base in Baiyanghe, Shandong, produced **3,475 metric tons** of various products, an increase of approximately **37.35%** compared to **2,530 metric tons** in the same period last year[61](index=61&type=chunk)[64](index=64&type=chunk) Revenue by Region and Channel Distribution | Dimension | Item | Revenue Contribution | | :--- | :--- | :--- | | **Regional Distribution** | East China | 78% | | | North China | 12% | | | Central-South China | 7% | | | Southwest China | 2% | | **Channel Distribution** | Online Sales | 60% | | | Offline Sales | 40% | - The company's strategy includes accelerating R&D for mid-to-high-end product lines, diversifying mass-market offerings (e.g., low-alcohol, organic products), optimizing its O2O sales network, and integrating big data and AI technologies to enhance supply chain efficiency[57](index=57&type=chunk)[58](index=58&type=chunk) [Business Prospects](index=15&type=section&id=Business%20Prospects) Despite the market being at a historical low, the Group believes new structural opportunities are emerging, and in the future, the company plans to align with trends of "light and easy-to-drink" beverages and category diversification by introducing Japanese alcoholic beverages like sake, aiming to create a "wine + Japanese light beverage" second growth curve targeting young and female consumers, while continuously strengthening the refined operation of e-commerce and social e-commerce channels - The company believes online channels remain a growth engine, expecting e-commerce and social e-commerce to continue capturing structural demand following industry consolidation[66](index=66&type=chunk)[68](index=68&type=chunk) - To adapt to market changes, the company plans to introduce Japanese alcoholic beverages such as sake, leveraging their 'low-alcohol, easy-to-drink, and food-pairing friendly' attributes to create a "wine + Japanese light beverage" second growth curve, targeting young and female consumers[67](index=67&type=chunk)[69](index=69&type=chunk) [Other Corporate Information](index=16&type=section&id=Other%20Corporate%20Information) [LIQUIDITY AND FINANCIAL RESOURCES](index=16&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) The Group maintains a healthy liquidity position, primarily funding its operations through internal operating cash flow, with cash and cash equivalents (excluding Tonghua subsidiaries for which financial information is unavailable) amounting to approximately RMB 38.06 million as of June 30, 2025 - The Group maintains a sound and positive working capital position, funding its operations through internal cash flows generated from operations[75](index=75&type=chunk)[78](index=78&type=chunk) - As of June 30, 2025, the Group's cash and cash equivalents amounted to approximately **RMB 38,060,000** (excluding Tonghua subsidiaries)[75](index=75&type=chunk)[78](index=78&type=chunk) [Employment and remuneration policy](index=17&type=section&id=Employment%20and%20remuneration%20policy) As of June 30, 2025, the Group (excluding Tonghua subsidiaries) employed 82 staff members, consistent with the end of 2024, and total salaries and related costs for the reporting period were approximately RMB 1.46 million, a significant decrease from RMB 9.15 million in the same period last year Staff and Remuneration Costs | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of employees (excluding Tonghua) | 82 | 82 | | **Item** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2024** | | Total salaries and related costs (RMB) | Approx. 1,460,000 | Approx. 9,149,000 | [Share Option Scheme](index=17&type=section&id=Share%20Option%20Scheme) As of June 30, 2025, a total of 29,405,480 unexercised share options were outstanding under the share option scheme, representing 10% of the company's issued shares, with no new options granted, exercised, or lapsed during the reporting period - As of June 30, 2025, the total number of granted but unexercised share options was **29,405,480**, with an exercise price of **HKD 0.92** and a weighted average remaining contractual life of **0.46 years**[83](index=83&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk) - During the six months ended June 30, 2025, no share options were exercised, granted, lapsed, or forfeited[90](index=90&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk) [CORPORATE GOVERNANCE](index=19&type=section&id=CORPORATE%20GOVERNANCE) The company complied with the principles of the Corporate Governance Code during the reporting period, with one deviation: the roles of Chairman and Chief Executive Officer were not separated, both held by Mr. Sun Jialiang, an arrangement the Board believes facilitates the Group's management and decision-making efficiency - The company deviated from the Corporate Governance Code's requirement for separation of the roles of Chairman and Chief Executive Officer, with Mr. Sun Jialiang holding both positions, an arrangement the Board believes contributes to efficient decision-making[99](index=99&type=chunk)[103](index=103&type=chunk)

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company's financial performance for the six months ended June 30, 2025, shows revenue growth but a decline in profit attributable to owners of the parent Financial Highlights for the Six Months Ended June 30, 2025 | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 317.0 million | RMB 298.6 million | +6.2% | | Gross Profit | RMB 59.2 million | RMB 57.2 million | +3.5% | | Profit Attributable to Owners of the Parent | RMB 17.7 million | RMB 18.9 million | -6.3% | | Basic and Diluted Earnings Per Share | RMB 0.03 | RMB 0.03 | Flat | | Interim Dividend | Not Recommended | Zero | N/A | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the condensed consolidated interim financial statements, including the statement of profit or loss, other comprehensive income, and financial position [Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) During the reporting period, the Group's revenue increased by 6.2% year-over-year to RMB 317 million, but profit attributable to owners of the parent decreased by 6.3% to RMB 17.7 million due to increased cost of sales and reduced other income, with basic earnings per share remaining flat Key Profit or Loss Statement Data | Item (RMB thousands) | 2025 (Unaudited) | 2024 (Unaudited) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 316,967 | 298,601 | +6.2% | | Gross Profit | 59,224 | 57,169 | +3.5% | | Profit Before Tax from Continuing Operations | 25,765 | 26,067 | -1.2% | | Profit for the Period | 17,694 | 18,939 | -6.6% | | Profit Attributable to Owners of the Parent | 17,694 | 18,939 | -6.6% | - Basic and diluted earnings per share were **RMB 0.03**, flat compared to the same period in 2024[6](index=6&type=chunk) [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets increased to RMB 711 million and net assets to RMB 515 million, indicating steady asset expansion and a robust financial position with increased net current assets Key Financial Position Statement Data | Item (RMB thousands) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 339,258 | 336,968 | +0.7% | | Total Current Assets | 372,025 | 370,554 | +0.4% | | **Total Assets** | **711,283** | **707,522** | **+0.5%** | | Total Current Liabilities | 127,580 | 143,932 | -11.4% | | Total Non-current Liabilities | 68,755 | 64,627 | +6.4% | | **Net Assets** | **514,948** | **498,963** | **+3.2%** | | **Total Equity** | **514,948** | **498,963** | **+3.2%** | [Notes to the Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements%20Notes) This section provides detailed explanatory notes to the condensed consolidated interim financial statements, covering accounting policies, segment information, and specific balance sheet items [Company Information, Basis of Preparation and Accounting Policies](index=6&type=section&id=1.%20Company%20Information%2C%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The Group primarily engages in the distribution of food ingredients and additives, with financial statements prepared under Hong Kong Accounting Standards, consistent with prior year policies, and new revised standards adopted without significant impact on current financial data - The Group primarily engages in the distribution of food ingredients and food additives[9](index=9&type=chunk) - The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34, with accounting policies consistent with those applied in the 2024 annual financial statements[10](index=10&type=chunk)[11](index=11&type=chunk) [Operating Segments, Revenue and Other Income](index=7&type=section&id=3.%20Operating%20Segments%2C%20Revenue%20and%20Other%20Income) The Group operates a single business segment, food additive distribution, with revenue primarily from Mainland China and minor operations in Thailand and Vietnam; food ingredient sales grew strongly year-over-year while food additive sales declined, and other income significantly decreased due to reduced government grants and bank interest Revenue by Product Type (RMB thousands) | Product Type | 2025 H1 | 2024 H1 | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Food Ingredients | 190,486 | 148,751 | +28.1% | | Food Additives | 126,481 | 149,850 | -15.6% | | **Total** | **316,967** | **298,601** | **+6.2%** | Revenue by Geographical Region (RMB thousands) | Geographical Region | 2025 H1 | 2024 H1 | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Mainland China | 301,519 | 287,653 | +4.8% | | Thailand | 6,376 | 7,012 | -9.1% | | Vietnam | 9,072 | 3,936 | +130.5% | - Other income and net gains decreased from **RMB 1.2 million** in the prior period to **RMB 0.6 million**, primarily due to reduced government grants and bank interest income[22](index=22&type=chunk) [Profit, Taxation and Dividends](index=10&type=section&id=5.%20Profit%2C%20Taxation%20and%20Dividends) Profit before tax slightly decreased, mainly impacted by increased cost of sales and employee benefit expenses; income tax expense rose due to higher taxable income, and the Board does not recommend an interim dividend for the six months ended June 30, 2025, though the final dividend for the previous year was declared and paid during the period - Cost of inventories sold increased from **RMB 241 million** to **RMB 258 million**, and employee benefit expenses rose from **RMB 20.8 million** to **RMB 23.1 million**, which are key factors affecting profit[23](index=23&type=chunk) - Total income tax expense for the period was **RMB 8.1 million**, an increase from **RMB 7.1 million** in the same period last year[25](index=25&type=chunk) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[3](index=3&type=chunk) [Earnings Per Share](index=12&type=section&id=8.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) Despite a decrease in profit attributable to owners of the parent, basic and diluted earnings per share remained flat at **RMB 0.03** due to an unchanged number of issued shares Earnings Per Share Calculation | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Parent (RMB thousands) | 17,694 | 18,939 | | Weighted Average Number of Ordinary Shares in Issue | 680,000,000 | 680,000,000 | | Basic and Diluted Earnings Per Share (RMB) | 0.03 | 0.03 | [Assets and Liabilities Items](index=13&type=section&id=9.%20Assets%20and%20Liabilities%20Items) At the end of the reporting period, the Group's net book value of property, plant, and equipment increased, inventory levels remained stable, trade receivables significantly decreased, and cash and cash equivalents increased, indicating good financial liquidity - The net book value of property, plant, and equipment increased from **RMB 164 million** to **RMB 167 million**[33](index=33&type=chunk)[34](index=34&type=chunk) - Trade receivables decreased from **RMB 102 million** to **RMB 74.15 million**, with over **99%** due within 3 months, indicating well-controlled credit risk[35](index=35&type=chunk)[36](index=36&type=chunk) - Cash and cash equivalents increased from **RMB 185 million** to **RMB 204 million**[37](index=37&type=chunk) [Share Capital, Commitments and Related Party Disclosures](index=17&type=section&id=14.%20Share%20Capital%2C%20Commitments%20and%20Related%20Party%20Disclosures) The company's share capital structure remained unchanged, capital commitments primarily for building construction significantly decreased, and related party transactions for sales and purchases occurred during the period but at a reduced scale compared to the prior year - Issued and fully paid share capital remained flat at **680,000,000 shares** with a par value of **HKD 0.01** per share, consistent with year-end figures[40](index=40&type=chunk) - Capital commitments for buildings significantly decreased from **RMB 6.4 million** at the end of last year to **RMB 67 thousand**[41](index=41&type=chunk) - Total transactions with related parties during the period amounted to **RMB 21.8 million**, a decrease from **RMB 27.6 million** in the same period last year[42](index=42&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's review of the Group's operational and financial performance, liquidity, and future strategic outlook [Business Review and Outlook](index=20&type=section&id=Business%20Review%20and%20Outlook) As a leading food ingredient and additive distributor in Asia, the Group has established strong partnerships with renowned brands through its R&D capabilities, achieving 6.2% revenue growth but a 6.3% profit decline during the period, with future plans to expand product sales, strengthen private brands, enhance R&D, and advance the Asia Pacific Innovation Center construction - The Group has established strong cooperative relationships with global suppliers such as Nestlé, Mitsubishi, Sensient, and Kerry, as well as numerous well-known domestic food and beverage manufacturers including Coca-Cola, Uni-President, and Nongfu Spring[46](index=46&type=chunk) - Future development plans include increasing product sales, strengthening private brands, enhancing R&D capabilities, and seeking strategic investment opportunities[48](index=48&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - The Asia Pacific Innovation Center, currently under construction, is expected to be operational in early 2026, aiming to expand the portfolio of independently developed formulated products, which will benefit the Group's future development[49](index=49&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) Revenue growth was primarily driven by strong performance in the fruit product line; gross profit margin slightly decreased to **18.7%** due to market fluctuations; selling and administrative expenses marginally increased due to labor costs and software upgrade fees, resulting in a 6.3% year-over-year decrease in profit for the period - Revenue increased by **6.2%** to **RMB 317 million**, primarily due to strong performance in the fruit product line[52](index=52&type=chunk) - Gross profit margin decreased from **19.1%** to **18.7%**, mainly due to market fluctuations[56](index=56&type=chunk) - Selling and distribution expenses increased by **6.3%**, primarily attributable to increased labor costs; administrative expenses increased by **1.0%**, mainly due to software upgrade fees[59](index=59&type=chunk)[60](index=60&type=chunk) - Under the combined impact, profit for the period decreased by **6.3%** from **RMB 18.9 million** to **RMB 17.7 million**[64](index=64&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital) The Group maintains a robust financial position with cash and cash equivalents increasing to **RMB 204 million**, a debt-to-asset ratio decreasing from **29.5%** to **27.6%**, and an increase in trade receivables turnover days, while adhering to prudent financial management and treasury policies - Cash and cash equivalents balance increased to **RMB 203.8 million**, primarily attributable to increased operating cash flow[68](index=68&type=chunk) - The debt-to-asset ratio (calculated as debt divided by total assets) decreased from **29.5%** as of December 31, 2024, to **27.6%** as of June 30, 2025[69](index=69&type=chunk) - Trade receivables turnover days increased from **51 days** to **57 days**, primarily due to fragmented orders with non-standard payment terms[67](index=67&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) This section provides additional information including significant investments, share option schemes, corporate governance practices, and details regarding report publication [Significant Investments, Share Option Scheme and Corporate Actions](index=27&type=section&id=Significant%20Investments%2C%20Share%20Option%20Scheme%20and%20Corporate%20Actions) The Group holds a significant investment of approximately **8.59%** equity in Tianye Innovation Co., Ltd., representing about **15.0%** of total assets, with no share options granted or significant acquisitions, disposals, or securities repurchases during the period - The Group holds an **8.59%** equity interest in Tianye Innovation Co., Ltd., with a carrying value of **RMB 106.6 million** as of June 30, 2025, representing approximately **15.0%** of the Group's total assets[76](index=76&type=chunk) - During the review period, the Group neither granted any share options nor purchased, sold, or redeemed any of the Company's listed securities[75](index=75&type=chunk)[79](index=79&type=chunk) [Corporate Governance and Dividends](index=28&type=section&id=Corporate%20Governance%20and%20Dividends) The company complied with all provisions of the Corporate Governance Code during the reporting period, and directors adhered to the Model Code for securities transactions; the Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the review period[80](index=80&type=chunk) - The Board does not recommend the payment of any dividend for the review period[82](index=82&type=chunk) [Audit Committee and Report Publication](index=29&type=section&id=Audit%20Committee%20and%20Report%20Publication) The Audit Committee, comprising three independent non-executive directors, has reviewed these interim results and confirmed their compliance with all applicable accounting standards and Listing Rules; this results announcement and the full interim report will be published on the Stock Exchange and the Company's website - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's interim results for the review period with management[83](index=83&type=chunk) - This results announcement and the 2025 interim report will be published on the Stock Exchange website and the Company's website[84](index=84&type=chunk)

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) The company reported significant growth in revenue, gross profit, and profit attributable to owners for the six months ended June 30, 2025, alongside an increased interim dividend Performance Highlights for the Six Months Ended June 30, 2025 (Compared to 2024) | Metric | H1 2025 | Change | | :--- | :--- | :--- | | Revenue (RMB million) | Approximately 1,240.3 | ▲ 33.7% | | Gross Profit (RMB million) | Approximately 867.9 | ▲ 79.4% | | Gross Profit Margin | Approximately 70.0% | - | | Net Profit Margin | Approximately 53.6% | - | | Profit Attributable to Owners of the Company (RMB million) | Approximately 600.8 | ▲ 136.3% | | Basic Earnings Per Share (RMB cents) | Approximately 55.4 | ▲ 80.5% (vs. 30.7 cents) | | Interim Dividend (HK cents) | 20.30 | ▲ 69.2% (vs. 12.00 HK cents) | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements provide a comprehensive overview of the company's financial performance and position, detailing income, assets, liabilities, and equity [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the reporting period, the company's revenue increased by 33.7% to RMB 1.24 billion, with gross profit surging by 79.4% to RMB 868 million, leading to a 136.3% increase in profit attributable to owners of the Company Summary of Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Metric (RMB thousand) | 2025 (Unaudited) | 2024 (Unaudited) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 1,240,284 | 927,856 | ▲ 33.7% | | Gross Profit | 867,856 | 483,879 | ▲ 79.4% | | Profit Before Tax | 753,708 | 355,541 | ▲ 112.0% | | Profit for the Period | 665,322 | 331,242 | ▲ 100.9% | | Profit Attributable to Owners of the Company | 600,760 | 254,271 | ▲ 136.3% | | Basic Earnings Per Share (RMB cents) | 55.4 | 30.7 | ▲ 80.5% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets grew to RMB 4.72 billion, total equity to RMB 3.89 billion, and net current assets increased to RMB 2.16 billion, indicating a robust financial position with reduced bank borrowings Summary of Consolidated Statement of Financial Position | Metric (RMB thousand) | As at June 30, 2025 (Unaudited) | As at December 31, 2024 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 4,715,918 | 4,135,203 | ▲ 14.0% | | Total Liabilities | 826,906 | 681,882 | ▲ 21.3% | | Total Equity | 3,889,012 | 3,453,321 | ▲ 12.6% | | Net Current Assets | 2,157,290 | 1,864,471 | ▲ 15.7% | | Bank Balances and Cash | 662,582 | 516,986 | ▲ 28.2% | [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operational performance, financial results, liquidity, and future outlook, highlighting key drivers and strategic initiatives [Business Review and Operating Results](index=16&type=section&id=Business%20Review%20and%20Operating%20Results) The Group's core business involves mining, ore processing, and concentrate sales in China and the Solomon Islands, with significant production growth at Jinling Mine driving performance, supported by strategic investment from Zijin Mining - The Group primarily owns three mining projects: Xinzhuang Mine (copper-lead-zinc) in Jiangxi Province, China; Walage Mine (lead-silver, under development) in Tibet; and Jinling Mine (gold) in the Solomon Islands[40](index=40&type=chunk) Mining and Ore Processing Volumes of Major Mines (Tonnes) | Mine | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | :--- | | **Xinzhuang Mine** | Mining Volume | 461,405 | 522,581 | ▼ 11.7% | | | Ore Processing Volume | 450,528 | 524,522 | ▼ 14.1% | | **Jinling Mine** | Mining Volume | 1,975,870 | 442,443 | ▲ 346.6% | | | Ore Processing Volume | 1,272,280 | 1,137,256 | ▲ 11.9% | - The introduction of Zijin Mining as a strategic investor, through a private placement, raised approximately **HKD 1.38 billion**, primarily for Jinling Mine's exploration and development and to supplement working capital, also bringing overseas mining technology and operational experience support[48](index=48&type=chunk)[49](index=49&type=chunk) - Technical service and expansion feasibility study contracts were signed with Zijin Mining's subsidiaries to improve Jinling Mine's ore processing recovery rate and explore the feasibility of expanding capacity to **13 million tonnes per annum**[51](index=51&type=chunk)[54](index=54&type=chunk)[56](index=56&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) During the reporting period, the Group's total revenue increased by 33.7% to RMB 1.24 billion, with gross profit up 79.4% to RMB 868 million, primarily driven by increased sales and prices of gold products from Jinling Mine and the cessation of low-margin external concentrate trading Revenue and Gross Profit by Business Segment (RMB thousand) | Business Segment | Metric | H1 2025 | H1 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | **Self-mined** | Revenue | 1,240,284 | 850,686 | ▲ 45.8% | | | Gross Profit | 867,856 | 483,535 | ▲ 79.5% | | | Gross Profit Margin | 70.0% | 56.8% | ▲ 13.2pp | | **External Procurement** | Revenue | – | 77,170 | ▼ 100% | | | Gross Profit | – | 344 | ▼ 100% | | **Total** | **Revenue** | **1,240,284** | **927,856** | **▲ 33.7%** | | | **Gross Profit** | **867,856** | **483,879** | **▲ 79.4%** | Jinling Mine Performance (RMB thousand) | Metric | H1 2025 | H1 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 963,243 | 561,023 | ▲ 71.7% | | Gross Profit | 724,229 | 341,342 | ▲ 112.2% | | Gross Profit Margin | 75.2% | 60.8% | ▲ 14.4pp | - Administrative expenses increased by **42.8%** year-on-year to **RMB 88.8 million**, primarily due to increased staff costs, depreciation, guarantee fees, and property insurance at Jinling Mine[71](index=71&type=chunk) - Income tax expense increased from **RMB 24.3 million** to **RMB 88.4 million**, mainly due to increased operating profit at Jinling Mine and the full utilization of past tax losses[73](index=73&type=chunk) [Liquidity and Financial Resources](index=26&type=section&id=Liquidity%20and%20Financial%20Resources) As of the end of the reporting period, the Group maintained a healthy financial position with ample liquidity, marked by a significant increase in net cash from operating activities and a substantial reduction in the gearing ratio - Net cash generated from operating activities was approximately **RMB 438 million**, a significant increase from **RMB 210 million** in the same period last year[76](index=76&type=chunk) - As at June 30, 2025, bank balances and cash were approximately **RMB 659 million**, an increase from **RMB 514 million** at the end of 2024[76](index=76&type=chunk) - The gearing ratio (total borrowings and payables/total assets) decreased from **7.7%** at the end of 2024 to **4.2%**[79](index=79&type=chunk) - Capital expenditure was approximately **RMB 174 million**, a substantial year-on-year increase, primarily for construction, equipment acquisition, and exploration and evaluation at Jinling Mine[80](index=80&type=chunk) [Details of Exploration, Development and Mining Operations](index=29&type=section&id=Details%20of%20Exploration%2C%20Development%20and%20Mining%20Operations) During the reporting period, the Group's exploration, development, and mining activities focused on Xinzhuang and Jinling Mines, with significant drilling and capacity expansion at Jinling Mine, while Xinzhuang Mine experienced reduced output due to technical upgrades Development Expenditure by Mine (H1 2025) | Mine | Development Expenditure (RMB million) | Primary Use | | :--- | :--- | :--- | | Xinzhuang Mine | 126.1 | Mining structures, ore processing plant machinery and equipment | | Walage Mine | 0.9 | Exploration license maintenance and conversion | | Jinling Mine | 26.8 | Tailings dry stacking facility, gold vault renovation, flotation plant upgrade | - Xinzhuang Mine: Due to reduced mining and ore processing volumes and unchanged fixed costs, unit mining cost increased from **RMB 141.0/tonne** to **RMB 155.2/tonne**, and unit ore processing cost increased from **RMB 105.3/tonne** to **RMB 111.7/tonne**[95](index=95&type=chunk) - Jinling Mine: In the first half, **42,555.7 meters** of drilling were completed, with exploration expenditure of approximately **RMB 15.1 million**; daily processing capacity has increased to **12,000-13,000 tonnes** with the installation of new flotation units[100](index=100&type=chunk)[107](index=107&type=chunk) [Prospects and Outlook](index=33&type=section&id=Prospects%20and%20Outlook) The company aims to become a leading non-ferrous metals mining company in China and the South Pacific, planning to expand Xinzhuang Mine's capacity and acquire new mines, while anticipating strong gold prices driven by market trends - Company Strategy: Plans to increase Xinzhuang Mine's capacity to **1 million tonnes per annum** and continue outsourcing mining operations to control costs, while seeking to acquire new mines to expand resource reserves[109](index=109&type=chunk)[110](index=110&type=chunk) - Market Outlook: Citing a Morgan Stanley report, central bank gold purchases and investment demand are expected to continue supporting gold prices, with the Q4 2025 gold price target raised to **USD 3,800 per ounce**, and the 2026 average price forecast at **USD 3,313 per ounce**[111](index=111&type=chunk) [Other Significant Matters](index=28&type=section&id=Other%20Significant%20Matters) This section covers key corporate matters including the interim dividend declaration and adherence to corporate governance principles, highlighting any deviations and compliance efforts [Interim Dividend](index=28&type=section&id=Interim%20Dividend) The Board declared an interim dividend of 20.30 HK cents per share for the six months ended June 30, 2025, representing a 69.2% increase year-on-year and a payout ratio of approximately 33.4% of profit attributable to owners Interim Dividend Details | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Dividend Per Share (HK cents) | 20.30 | 12.00 | | Equivalent to (RMB cents) | 18.51 | - | | Payout Ratio | Approximately 33.4% | Approximately 35.6% | | Total Dividend (RMB million) | Approximately 200.6 | - | [Corporate Governance and Compliance](index=34&type=section&id=Corporate%20Governance%20and%20Compliance) During the reporting period, the company generally complied with the Corporate Governance Code, noting a deviation where the Chairman and CEO roles are held by the same individual, which the Board believes benefits the Group - The company has a deviation from Corporate Governance Code provision C.2.1, where the roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Gao Mingqing[114](index=114&type=chunk) - The Audit Committee has reviewed the unaudited interim results for the period and believes they have been prepared in accordance with relevant accounting standards and adequately disclosed[117](index=117&type=chunk)

由摩比發展有限公司（「本公司」）董事（「董事」）組成的董事會（「董事會」）欣然公 佈本公司及其附屬公司（合稱「本集團」）截至2025年6月30日止六個月的未經審核 簡明綜合中期業績及2024年同期比較數字。簡明綜合中期財務報表未經審核，惟 已經本公司審核委員會審閱。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 MOBI Development Co., Ltd. 摩比發展有限公司 （於開曼群島註冊成立的有限公司） （股份代號：947） 截至2025年6月30日止六個月中期業績公佈 於2025年6月30日 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | | 6月30日 | 12月31日 | | | | （未經審核） | （經審核） | | | 附註 | 人民幣千元 | 人民幣千元 | | 非流動資產 | | | | | 物業、廠房及設備 | | 217,449 | 226,311 | | 使用 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 HUAKANG BIOMEDICAL HOLDINGS COMPANY LIMITED 華康生物醫學控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8622） 截至二零二五年六月三十日止六個月的 中期業績公告 華 康 生 物 醫 學 控 股 有 限 公 司（「本公司」，及 其 附 屬 公 司，「本集團」）董 事（「董 事」）會 （「董事會」）欣 然 宣 佈 本 集 團 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 簡 明 綜 合 財 務 業 績（「二零二五年中期報告」）連 同 二 零 二 四 年 同 期 未 經 審 核 比 較 數 字。本 公 告 載 列 本 集 團 二 零 二 五 年 中 期 報 告 全 文，並 遵 守 香 港 聯 合 ...

[Important Notice](index=1&type=section&id=%E4%B8%80%E3%80%81%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Dividend Distribution Plan](index=1&type=section&id=1.1%20%E8%82%A1%E6%81%AF%E5%88%86%E9%85%8D%E9%A0%90%E6%A1%88) The Board resolved to distribute a cash dividend of RMB 0.40 per share (tax inclusive) to all shareholders, totaling RMB 650,316,379.60 (tax inclusive), with no bonus shares or capital reserve conversion H1 2025 Dividend Distribution Plan | Indicator | Value | | :--- | :--- | | Cash Dividend Per Share (Tax Incl.) | RMB 0.40 | | Total Share Capital (As of Jun 30, 2025) | 1,625,790,949 shares | | Total Proposed Cash Dividend (Tax Incl.) | RMB 650,316,379.60 | | Bonus Shares | None | | Capital Reserve Conversion to Share Capital | None | [Report Description and Board Statement](index=1&type=section&id=1.2%20%E5%A0%B1%E5%91%8A%E8%AA%AA%E6%98%8E%E8%88%87%E8%91%A3%E4%BA%8B%E6%9C%83%E8%81%B2%E6%98%8E) This summary is extracted from the company's H1 2025 report, with the Board, Supervisory Committee, and senior management guaranteeing its truthfulness, accuracy, and completeness; the financial report for this period is unaudited and prepared under China Accounting Standards, with the Chinese version prevailing - This interim report summary is extracted from the full 2025 interim report, investors are advised to read the full report carefully[5](index=5&type=chunk) - The Board, Supervisory Committee, and their directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this summary and assume legal responsibility[5](index=5&type=chunk) - The Group's and the company's financial reports for this period are prepared under China Accounting Standards and are unaudited[7](index=7&type=chunk) [Board of Directors Composition](index=1&type=section&id=1.3%20%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1%E6%A7%8B%E6%88%90) As of the announcement date, the company's Board comprises five executive directors and four independent non-executive directors, all of whom attended the 28th meeting of the Ninth Board of Directors - Board members include executive directors Li Xiaojun, Cheng Ning, Cheng Hongjin, Tang Heping, Li Hong, and independent non-executive directors Chen Yajin, Huang Min, Huang Longde, Sun Baoqing[5](index=5&type=chunk) - All directors attended the 28th meeting of the Ninth Board of Directors, with three independent non-executive directors participating via telecommunication[5](index=5&type=chunk) [Definitions](index=2&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8B%E7%BE%A9) This section defines common terms used in the report, including company names, geographical areas, reporting periods, group entities, management bodies, regulatory agencies, and business-related professional terms Definitions of Key Terms | Term | Definition | | :--- | :--- | | Company/This Company/GPHL Baiyunshan | Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited | | Reporting Period | January 1, 2025 to June 30, 2025 | | GPHL | Guangzhou Pharmaceutical Group Co., Ltd., the company's controlling shareholder | | S2B2C | Suppliers to Business to Customers, a one-stop service system from industry to business to end-users, directly reaching individual consumers | | ERP | Enterprise Resource Planning, an information technology-based systematic management platform | | SPD | Supply Processing Distribution, a medical SPD supply chain management model | [Company Profile](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) [Company Introduction](index=5&type=section&id=3.1%20%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B) The company is listed on the Shanghai Stock Exchange (A-shares) and The Stock Exchange of Hong Kong Limited (H-shares) under the stock name 'Baiyunshan', with contact information for the Board Secretary and Securities Affairs Representative, along with registered address and website Company Listing Information | Indicator | A-shares | H-shares | | :--- | :--- | :--- | | Stock Abbreviation | Baiyunshan | Baiyunshan | | Stock Code | 600332 | 00874 | | Listing Exchange | Shanghai Stock Exchange | The Stock Exchange of Hong Kong Limited | - The company's registered and office address is No. 45 Shamian North Street, Liwan District, Guangzhou, Guangdong Province, China, and its principal place of business in Hong Kong is Room 2005, 20th Floor, Tower 2, Lippo Centre, 89 Queensway, Hong Kong[11](index=11&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=3.2%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%92%8C%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) During the reporting period, the company's operating revenue increased by 1.93% year-on-year, but total profit and net profit attributable to parent company shareholders decreased by 4.30% and 1.31% respectively; net cash flow from operating activities significantly dropped by 66.79% due to lower cash collection and increased procurement payments, while net assets and total assets continued to grow Key Accounting Data (Current Period vs. Prior Period) | Indicator | Current Period (RMB Yuan) | Prior Period (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 41,834,546,114 | 41,042,815,088 | 1.93 | | Total Profit | 3,090,416,329 | 3,229,403,377 | (4.30) | | Net Profit Attributable to Parent Company Shareholders | 2,516,140,987 | 2,549,565,302 | (1.31) | | Net Cash Flow from Operating Activities | (3,397,136,268) | (2,036,740,495) | (66.79) | Key Financial Indicators (Current Period vs. Prior Period) | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic EPS (RMB/share) | 1.548 | 1.568 | (1.31)% | | Diluted EPS (RMB/share) | 1.548 | 1.568 | (1.31)% | | Weighted Average ROE (%) | 6.77 | 7.04 | Decrease of 0.27 percentage points | - Net cash flow from operating activities decreased by **66.79%** year-on-year, primarily due to lower cash collection and increased procurement payments[14](index=14&type=chunk) [Top Ten Shareholders' Holdings](index=8&type=section&id=3.3%20%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E6%9D%B1%E6%8C%81%E8%82%A1%E6%83%85%E6%B3%81) As of the end of the reporting period, the company had 85,550 shareholders; controlling shareholder GPHL held 45.04% of shares, and HKSCC Nominees Limited was the second largest shareholder with 13.52% - As of the end of the reporting period, the total number of shareholders was **85,550 households**[15](index=15&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Approx. % of Total Share Capital | Number of Shares Held | | :--- | :--- | :--- | :--- | | GPHL | State-owned Legal Person | 45.04 | 732,305,103 | | HKSCC Nominees Limited | Overseas Legal Person | 13.52 | 219,783,142 | | Guangzhou Chengfa | Other | 4.16 | 67,576,183 | | China Securities Finance Corporation Limited | State-owned Legal Person | 2.91 | 47,277,962 | [Preferred Shareholder Information](index=9&type=section&id=3.4%20%E5%84%AA%E5%85%88%E8%82%A1%E8%82%A1%E6%9D%B1%E6%83%85%E6%B3%81) As of the end of the reporting period, the company had no preferred shareholders - As of the end of the reporting period, the company had no preferred shareholders[17](index=17&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=9&type=section&id=3.5%20%E6%8E%A7%E